Question

There is a

0.99880.9988

probability that a randomly selected

2929-year-old

male lives through the year. A life insurance company charges

$144144

for insuring that the male will live through the year. If the male does not survive the year, the policy pays out

$90 comma 00090,000

as a death benefit.

a.

From the perspective of the

2929-year-old

male, what are the monetary values corresponding to the two events of surviving the year and not surviving?

The value corresponding to surviving the year is

The value corresponding to not surviving the year is

(Type integers or decimals. Do not round.)

b.If the 2929year-old male purchases the policy, what is his expected value?

c.Can the insurance company expect to make a profit from many such policies? Why?

Answer #1

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